A-Mark Precious Metals, Inc. (NASDAQ:
AMRK) (A-Mark), a leading fully integrated precious metals
platform, has promoted JM Bullion, Inc. (“JMB”) President Robert
Pacelli to Chief Executive Officer of the subsidiary, effective
July 1, 2023. Pacelli will succeed Michael Wittmeyer, who will
continue as a consultant to A-Mark and as a member of A-Mark’s
board of directors.
Pacelli has nearly 20 years of experience in
ecommerce operations, merchandising, digital marketing, and
procurement. Since joining JMB in 2013, he has held numerous
leadership roles, serving as President since July 2022 and
previously as Vice President of Marketing. During his tenure,
Pacelli was instrumental in establishing JMB as one of the nation’s
premier online retailers of precious metals, generating nearly $2
billion in revenue during fiscal year 2022, and accumulating over
two million customers. Prior to JMB, he served as the Marketing
Director at GSI Commerce, a leading provider of ecommerce and
interactive marketing services, which was acquired by eBay. Pacelli
graduated from Penn State University, receiving a Bachelor of
Science in Marketing.
“Rob’s extensive marketing background and
demonstrated leadership over the past 10 years for the subsidiary
make him the ideal leader to take JMB to the next level of growth
and profitability,” said A-Mark CEO Greg Roberts. “His proven track
record of scaling the business and deep industry knowledge will
serve him well as he executes on the company’s growth
strategy.”
Greg Roberts continued, “I would also like to
extend our deep appreciation to JMB co-founder, Michael Wittmeyer,
for his years of leadership. We look forward to Michael’s continued
guidance and expertise as a consultant to A-Mark and as a member of
A-Mark’s board of directors.”
About A-Mark Precious
MetalsFounded in 1965, A-Mark Precious Metals, Inc. is a
leading fully integrated precious metals platform that offers an
array of gold, silver, platinum, palladium, and copper bullion,
numismatic coins, and related products to wholesale and retail
customers via a portfolio of channels. The company conducts its
operations through three complementary segments: Wholesale Sales
& Ancillary Services, Direct-to-Consumer, and Secured Lending.
The company’s global customer base spans sovereign and private
mints, manufacturers and fabricators, refiners, dealers, financial
institutions, industrial users, investors, collectors, e-commerce
customers and other retail customers.
A-Mark’s Wholesale Sales & Ancillary
Services segment distributes and purchases precious metal products
from sovereign and private mints. As a U.S. Mint-authorized
purchaser of gold, silver, and platinum coins since 1986, A-Mark
purchases bullion products directly from the U.S. Mint for sale to
customers. A-Mark also has longstanding distributorships with other
sovereign mints, including Australia, Austria, Canada, China,
Mexico, South Africa, and the United Kingdom. The company sells
more than 200 different products to e-commerce retailers, coin and
bullion dealers, financial institutions, brokerages, and
collectors. In addition, A-Mark sells precious metal products to
industrial users, including metal refiners, manufacturers, and
electronic fabricators.
Through its A-M Global Logistics subsidiary,
A-Mark provides its customers with a range of complementary
services, including managed storage options for precious metals as
well as receiving, handling, inventorying, processing, packaging,
and shipping of precious metals and coins on a secure basis.
A-Mark’s mint operations, which are conducted through its wholly
owned subsidiary Silver Towne Mint, enable the company to offer
customers a wide range of proprietary coin and bar offerings and,
during periods of market volatility when the availability of silver
bullion from sovereign mints is often product constrained,
preferred product access.
A-Mark’s Direct-to-Consumer segment operates as
an omni-channel retailer of precious metals, providing access to a
multitude of products through its wholly owned subsidiaries, JM
Bullion and Goldline. JM Bullion is a leading e-commerce retailer
of precious metals and operates six separately branded,
company-owned websites targeting specific niches within the
precious metals market: JMBullion.com, ProvidentMetals.com,
Silver.com, GoldPrice.org, SilverPrice.org and BGASC.com. JMB also
owns CyberMetals.com, an online platform where customers can
purchase and sell fractional shares of digital gold, silver,
platinum and palladium bars in a range of denominations. Goldline
markets precious metals directly to the investor community through
various channels, including television, radio, and telephonic sales
efforts. A-Mark also holds minority ownership interests in three
additional direct-to-consumer brands.
The company operates its Secured Lending segment
through its wholly owned subsidiaries, Collateral Finance
Corporation (CFC) and AM Capital Funding. Founded in 2005, CFC is a
California licensed finance lender that originates and acquires
loans secured by bullion and numismatic coins. Its customers
include coin and precious metal dealers, investors, and collectors.
AM Capital Funding was formed in 2018 for the purpose of
securitizing eligible secured loans of CFC.
A-Mark is headquartered in El Segundo, CA and
has additional offices and facilities in the neighboring Los
Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester,
IN, and Vienna, Austria. For more information, visit
www.amark.com.
A-Mark periodically provides information for
investors on its corporate website, www.amark.com, and its
investor relations website, ir.amark.com. This includes press
releases and other information about financial performance, reports
filed or furnished with the SEC, information on corporate
governance, and investor presentations.
Important Cautions Regarding
Forward-Looking Statements
Statements in this press release that relate to
future plans, objectives, expectations, performance, events and the
like are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Securities
Exchange Act of 1934. These include statements relating to
expectations regarding future macroeconomic conditions and demand
for precious metal products, and the Company’s ability to
effectively respond to changing economic conditions. Future events,
risks and uncertainties, individually or in the aggregate, could
cause actual results or circumstances to differ materially from
those expressed or implied in these statements. Factors that could
cause actual results to differ include the following: the failure
to execute the Company’s growth strategy, including the inability
to identify suitable or available acquisition or investment
opportunities; greater than anticipated costs incurred to execute
this strategy; the failure to achieve the anticipated benefits of
any pending investment; changes in the current international
political and economic climate, which has favorably contributed to
demand and volatility in the precious metals markets; potential
adverse effects of the current problems in the national and global
supply chains; increased competition for the Company’s higher
margin services, which could depress pricing; the failure of the
Company’s business model to respond to changes in the market
environment as anticipated; changes in consumer demand and
preferences for precious metal products generally; potential
negative effects that inflationary pressure may have on our
business; the inability of the Company to expand capacity at Silver
Towne Mint, the failure of our investee companies to maintain, or
address the preferences of, their customer bases; general risks of
doing business in the commodity markets; and the strategic,
business, economic, financial, political and governmental risks and
other Risk Factors described in in the Company’s public filings
with the Securities and Exchange Commission.
The words "should," "believe," "estimate,"
"expect," "intend," "anticipate," "foresee," "plan" and similar
expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates on
which they were made. The Company undertakes no obligation to
publicly update or revise any forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements.
Company Contact:Steve Reiner,
Executive Vice President, Capital Markets & Investor
RelationsA-Mark Precious Metals, Inc.
1-310-587-1410sreiner@amark.com
Investor Relations Contact:Matt
Glover, Matthew HauschGateway Group, Inc.
1-949-574-3860AMRK@gatewayir.com
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